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Germany's Gi Ventures takes over ABB New Ventures' wind activities
1 April 2004
Germany's Gi Ventures has used its equity fund vehicle, German Incubator, to take over ABB New Ventures' wind development activities in a deal backdated to July 2003. The purchase price has not been disclosed, but the transaction is valued at EUR 92 million. Gi Ventures is an independent private equity company founded in Munich in 2000. ABB New Ventures' wind development and installation activities have been placed in a new company, Renergys, based near Mannheim. Gi owns 82% of Renergys and ABB 18%. Gi has also acquired the 73.5 MW Dahme wind station in Brandenburg, one of Germany's largest wind facilities and developed and part financed by ABB. "We...are responsible for 120 MW of wind capacity. We also want to take interesting wind projects into our portfolio and act as an independent power producer," says Peter Schiefer, a Gi Ventures partner and CEO of Renergys. By 2007, it hopes to have developed 960 MW and taken ownership of 200 MW of wind energy. The company also has permits to build in Portugal and Ireland.
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